Radian Group Inc. announced it completed the acquisition of Inigo Limited, a specialty insurance group underwriting through LloydaEUR(TM)s of London.

Radian Group Inc. (NYSE: RDN) today announced that it has completed its strategic acquisition of Inigo Limited ("Inigo"), a specialty insurance group underwriting through Lloyd's of London. With this acquisition, Radian is expanding from a leading U.S. private mortgage insurer into a global, diversified multi-line specialty insurer, significantly increasing the company's product expertise and capabilities, and optimizing the deployment of its excess capital.

"Today marks an important milestone for Radian as we expand from our established position as a leading U.S. private mortgage insurer into a global multi-line specialty insurer," said Rick Thornberry, Chief Executive Officer of Radian. "This acquisition advances our strategic focus to grow and diversify our business, while staying true to our core strengths in underwriting, risk management, and capital allocation. I am excited to welcome Inigo to Radian and look forward to collaborating with the team to leverage our combined expertise and create long-term value for our customers, partners and stockholders."

As part of Radian, Inigo will operate as a standalone business unit in London, maintaining the management structure, brand identity and culture that have positioned it as a leading Lloyd's syndicate. The combined organization brings Radian's financial strength, risk-management innovation, and operational scale together with Inigo's specialty market expertise and performance track record. Inigo Chief Executive Officer Richard Watson, along with Chief Underwriting Officer Russell Merrett and Chief Financial Officer Stuart Bridges, will continue to lead the Inigo business and its dynamic team.

Richard Watson, Chief Executive Officer of Inigo, said, "This is an important part of our journey to become a world-class specialty insurance and reinsurance company, valued by its customers, its investors, and its staff. Radian shares our obsession with customers and our love of data."

"With Radian's complementary portfolio, aligned culture, and long-term thinking, we are better capitalized and more diversified. We thank our customers for their incredible support, now and in the future," he added.

In September 2025, Radian announced it had entered into a definitive agreement to acquire Inigo in a primarily all-cash transaction.1 The purchase price paid at closing, net of certain adjustments, was $1.67 billion. Inigo's estimated tangible equity at year end 2025 was $1.16 billion2, resulting in a net purchase price multiple of approximately 1.4 times tangible equity. The transaction was funded by Radian's available liquidity sources and by using excess capital from its mortgage insurance subsidiary, Radian Guaranty.

The acquisition is expected to deliver mid-teens percentage accretion to Radian's earnings per share and approximately 200 basis points accretion to return on equity in 2026. Radian expects the transaction will double its total annual revenue and provide flexibility to deploy capital across multiple insurance lines through various business cycles.

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